Ousted Market Basket CEO makes offer to buy company

Ousted Market Basket CEO Arthur T. Demoulas and his side of the Demoulas family made an offer to buy out rival family members for control of the company on Wednesday.

The company's board of directors is scheduled to meet on Friday in Massachusetts, where the offer could be a topic of discussion.

Demoulas released the following statement regarding the offer:

"The Arthur T. Demoulas side of the family has made an offer to buy the 50.5% of shares in Demoulas Market Basket Supermarkets we do not own. We believe that our offer is a very full and fair one and should meet or exceed a seller's expectations of the value of the Company.

"We care deeply about Market Basket and all of our Associates and we want to work together to return the company to its successful model for serving our loyal customers. Those who received the offer need to consider the matter, so we are not in a position to comment further at this time."